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Jörg Bibow - One of the best experts on this subject based on the ideXlab platform.
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Making the Euro viable: the Euro Treasury Plan*
European Journal of Economics and Economic Policies: Intervention, 2016Co-Authors: Jörg BibowAbstract:The Euro crisis remains unresolved and the Euro currency union incomplete and extraordinarily vulnerable. The Euro regime's essential flaw and ultimate source of vulnerability is the decoupling of central bank and treasury institutions in the Euro currency union. We propose a Euro Treasury scheme to properly fix the regime and resolve the Euro crisis. The Euro Treasury Plan would establish a rudimentary fiscal union that is not a transfer union. The core idea is to create a Euro Treasury as a vehicle to pool future Eurozone public investment spending and have it funded by proper Eurozone treasury securities. The Euro Treasury could fulfil a number of additional purposes while operating mainly on the basis of a strict rule. The plan would also provide a much-needed fiscal boost to recovery and foster a more benign intra-area rebalancing.
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Making the Euro Viable: The Euro Treasury Plan
SSRN Electronic Journal, 2015Co-Authors: Jörg BibowAbstract:The Euro crisis remains unresolved and the Euro currency union incomplete and extraordinarily vulnerable. The Euro regime’s essential flaw and ultimate source of vulnerability is the decoupling of central bank and treasury institutions in the Euro currency union. We propose a “Euro Treasury” scheme to properly fix the regime and resolve the Euro crisis. This scheme would establish a rudimentary fiscal union that is not a transfer union. The core idea is to create a Euro Treasury as a vehicle to pool future Eurozone public investment spending and to have it funded by proper Eurozone treasury securities. The Euro Treasury could fulfill a number of additional purposes while operating mainly on the basis of a strict rule. The plan would also provide a much-needed fiscal boost to recovery and foster a more benign intra-area rebalancing.
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The Euro treasury plan
2014Co-Authors: Jörg BibowAbstract:Contrary to German chancellor Angela Merkel's recent claim, the Euro crisis is not nearly over but remains unresolved, leaving the Eurozone extraordinarily vulnerable to renewed stresses. In fact, as the reforms agreed to so far have failed to turn the flawed and dysfunctional Euro regime into a viable one, the current calm in financial markets is deceiving, and unlikely to last. The Euro regime's essential flaw and ultimate source of vulnerability is the decoupling of central bank and treasury institutions in the Euro currency union. In this public policy brief, Research Associate Jorg Bibow proposes a Euro Treasury scheme to properly fix the regime and resolve the Euro crisis. The Euro Treasury would establish the treasury-central bank axis of power that exists at the center of control in sovereign states. Since the Eurozone is not actually a sovereign state, the proposed treasury is specifically designed not to be a transfer union; no mutualization of existing national public debts is involved either. The Euro Treasury would be the means to pool future Eurozone public investment spending, funded by proper Eurozone treasury securities, and benefits and contributions would be shared across the currency union based on members' GDP shares. The Euro Treasury would not only heal the Euro's potentially fatal birth defects but also provide the needed stimulus to end the crisis in the Eurozone.
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On the Franco-German Euro Contradiction and Ultimate Euro Battleground
Contributions to Political Economy, 2013Co-Authors: Jörg BibowAbstract:Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe's common currency, this paper analyzes how the resulting Euro contradiction conditioned the ongoing Euro crisis as well as current strategies to resolve it. While Germany generally prevailed in hammering out the design of the Euro policy regime, the German authorities have failed to see the inconsistency in their policy endeavors: the creation of a model whose workability presupposes that others behave differently cannot be made to work by forcing everyone to behave like Germany. This fundamental misunderstanding has made Germany the main culprit in the Euro crisis, but it has yet to face the full consequences of its actions. Germany had sought every protection against the much-dreaded Euro "transfer union," but its own conduct has made that very outcome inevitable. Conversely, having been disappointed in its own hopes for the Euro, France is now facing the prospect of a lost generation-a prospect, shared with other debtor nations in the union, that has undermined the Franco-German alliance and may soon turn it into the ultimate Euro battleground. (This abstract was borrowed from another version of this item.)
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Lost at Sea: The Euro Needs a Euro Treasury
SSRN Electronic Journal, 2013Co-Authors: Jörg BibowAbstract:The Euro crisis remains unresolved even as financial markets may seem calm for now. The current Euro regime is inherently flawed. Recent reforms have failed to turn the dysfunctional Euro regime into a viable one. The investigation is informed by the "cartalist" critique of traditional "optimum currency area" theory (Goodhart 1998). Various proposals to rescue the Euro are assessed and found lacking. A Euro Treasury scheme operating on a strict rule and specifically designed not to be a transfer union is proposed here as condition sine qua non for healing the Euro's potentially fatal birth defects. The Euro Treasury proposed here is the missing element that will mend the current fiscal regime that is unworkable without it. The proposed Euro Treasury scheme would end the currently unfolding Euro calamity by switching policy from a public thrift campaign that can only impoverish Europe to a public investment campaign designed to secure Europe's future. No mutualization of existing national public debts is involved. Instead, the Euro Treasury is established as a means to pool Eurozone public investment spending and have it funded by proper Eurozone treasury securities.
Vladimir Lozhkin - One of the best experts on this subject based on the ideXlab platform.
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estimation of nitrogen oxides emissions from petrol and diesel passenger cars by means of on board monitoring effect of vehicle speed vehicle technology engine type on emission rates
Transportation Research Part D-transport and Environment, 2016Co-Authors: Olga Lozhkina, Vladimir LozhkinAbstract:Abstract NOX emission rates of 13 petrol and 3 diesel passenger cars as a function of average speed from 10 to 120 km/h, emission class (pre-Euro 1 – Euro 5), engine type were investigated by on-board monitoring on roads and highways of St. Petersburg using a portative Testo XXL 300 gas analyzer. The highest level of NOX emission 0.5–2.5 g/km was inherent to old pre-Euro 1 petrol cars without a catalytic converter. NOX emissions rates of Euro 1 and Euro 2 petrol cars changed within 0.15–0.9 g/km, Euro 3 – 0.015–0.27 g/km, Euro 4 – 0.013–0.1 g/km, Euro 5 – 0.002–0.043 g/km. Euro 3 – Euro 4 petrol cars generally satisfied corresponding NOX Emission Standards (ES), except cold-start period, Euro 5 petrol cars did not exceed ES. Warmed, stabilized engines of Euro 3 – Euro 5 petrol cars showed 5–10 times lower NOX emission rates than corresponding ES in the range of speed from 20 to 90 km/h. NOX emission rates of diesel Euro 3 and Euro 4 cars varied from 0.45 to 1.1 g/km and from 0.31 to 1.1 g/km, respectively. Two examined diesel Euro 3 and one Euro 4 passenger vehicles did not satisfy NOX ES at real use. Euro 3 diesel cars showed 28.9 times higher NOX emissions than Euro 3 petrol cars and Euro 4 diesel car demonstrated 17.6 times higher NOX emissions than Euro 4 petrol cars at warmed and stabilized engine at a cruise speed ranging from 30 to 60 km/h.
Olga Lozhkina - One of the best experts on this subject based on the ideXlab platform.
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estimation of nitrogen oxides emissions from petrol and diesel passenger cars by means of on board monitoring effect of vehicle speed vehicle technology engine type on emission rates
Transportation Research Part D-transport and Environment, 2016Co-Authors: Olga Lozhkina, Vladimir LozhkinAbstract:Abstract NOX emission rates of 13 petrol and 3 diesel passenger cars as a function of average speed from 10 to 120 km/h, emission class (pre-Euro 1 – Euro 5), engine type were investigated by on-board monitoring on roads and highways of St. Petersburg using a portative Testo XXL 300 gas analyzer. The highest level of NOX emission 0.5–2.5 g/km was inherent to old pre-Euro 1 petrol cars without a catalytic converter. NOX emissions rates of Euro 1 and Euro 2 petrol cars changed within 0.15–0.9 g/km, Euro 3 – 0.015–0.27 g/km, Euro 4 – 0.013–0.1 g/km, Euro 5 – 0.002–0.043 g/km. Euro 3 – Euro 4 petrol cars generally satisfied corresponding NOX Emission Standards (ES), except cold-start period, Euro 5 petrol cars did not exceed ES. Warmed, stabilized engines of Euro 3 – Euro 5 petrol cars showed 5–10 times lower NOX emission rates than corresponding ES in the range of speed from 20 to 90 km/h. NOX emission rates of diesel Euro 3 and Euro 4 cars varied from 0.45 to 1.1 g/km and from 0.31 to 1.1 g/km, respectively. Two examined diesel Euro 3 and one Euro 4 passenger vehicles did not satisfy NOX ES at real use. Euro 3 diesel cars showed 28.9 times higher NOX emissions than Euro 3 petrol cars and Euro 4 diesel car demonstrated 17.6 times higher NOX emissions than Euro 4 petrol cars at warmed and stabilized engine at a cruise speed ranging from 30 to 60 km/h.
Didin Agustian Permadi - One of the best experts on this subject based on the ideXlab platform.
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analysis of motorcycle fleet in hanoi for estimation of air pollution emission and climate mitigation co benefit of technology implementation
Atmospheric Environment, 2012Co-Authors: Nguyen Thi Kim Oanh, Mai Thi Thuy Phuong, Didin Agustian PermadiAbstract:Abstract A fleet of over two million motorcycles (MC) in Hanoi is believed to contribute a substantial emission of air pollutants and climate forcers but has not been thoroughly characterized. This study conducted a survey of the MC technologies and activities in Hanoi using questionnaires, GPS monitoring, and video camera in 2008. The data were collected for three typical road types (highways, arterials, residential streets) in 3 zones of the city. Majority of MC in Hanoi were relatively new (3.6 years), had 4-stroke engine, but only 6% was equipped with catalyst exhaust control devices. About 35% of the fleet did not comply with any Euro standards. The MC daily driving was 20 km, mostly done on arterial streets. The main driving features in Hanoi arterials and residential streets were of low speeds with frequent starts/stops and idling. International Vehicle Emissions (IVE) model produced adjusted emission factors (EFs) that were compared with the limited available measurement data. The fleet emission was estimated for 2008 as a base case and for two “what-if” faster technology implementation scenarios: scenario 1 assumed that the entire fleet in 2008 conformed at least Euro2 and scenario 2 assumed 100% MC met the Euro3 standard. Total emissions from the fleet in 2008 of CO, VOC, NOx, SO2, PM10, and CH4 were 158, 51.5, 9.5, 0.17, 2.4 and 9.5 kt, respectively. Emissions of 1,3-butadiene, acetaldehydes, formaldehydes and benzene were 0.26, 1.2, 4.9 and 2.1 kt, respectively. Faster Euro3 technology intrusion in scenario 2 would significantly reduce the emission of pollutants (by 53–94%) and climate forcers in CO2-equivalent (53% for 20-year and 38% for 100-year horizon), which tripled the reductions obtained under scenario 1. Substantial co-benefits for air quality and climate forcer mitigation could be achieved by the faster technology implementation.
Philipp Hartmann - One of the best experts on this subject based on the ideXlab platform.
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the Euro area financial system structure integration and policy initiatives
2003Co-Authors: Philipp Hartmann, Angela Maddaloni, Simone ManganelliAbstract:Four years after the introduction of the Euro, this paper provides an overview of the current structure and integration of the Euro area financial systems and related policy initiatives. We first compare the Euro area financial structure with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the Euro area financial structure evolved since 1995. We document the progress towards integration of the major Euro area financial segments, namely money markets, bond markets, equity markets and banking. Finally, we discuss recent policy initiatives aimed at further improving European financial integration.
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the Euro area financial system structure integration and policy initiatives
Oxford Review of Economic Policy, 2003Co-Authors: Philipp Hartmann, Angela Maddaloni, Simone ManganelliAbstract:Four years after the introduction of the Euro, this paper provides an overview of the current structure and integration of the Euro-area financial systems and related policy initiatives. We first compare the Euro-area financial structure with those of the United States and Japan. Using new and comprehensive financial account data, we also describe how the Euro-area financial structure has evolved since 1995. We document the progress towards integration of the major Euro-area financial segments, namely money markets, bond markets, equity markets, and banking. Finally, we discuss recent policy initiatives aimed at further improving European financial integration.
